Thomas Lynch has been named chief executive officer of Frederick’s of Hollywood Group Inc., the company said on Monday.
Lynch has been a member of the company’s board since the completion of its merger in January 2008 with FOH Holdings Inc., the parent company of Frederick’s of Hollywood.
Lynch, 40, was formerly ceo of Fursa Alternative Strategies, one of Frederick’s principal shareholders. As ceo, he succeeds Peter Cole, who continues as executive chairman. Linda LoRe is president and ceo of the Frederick’s of Hollywood retail unit.
Cole said, “We welcome Mr. Lynch to his new position as ceo of Frederick’s of Hollywood Group to oversee the company’s retail and wholesale divisions. We are confident that, with his strong financial, strategic planning and leadership experience, he will lead our company through these challenging economic times and facilitate our continuing efforts to reduce operating expenses, capitalize upon the synergies created from the merger and maximize shareholder value.”
Retail expansion has been a priority since Movie Star Inc. merged with FOH Holdings Inc. The combined company became Frederick’s of Hollywood Group Inc.
Fursa owned 32 percent of the outstanding shares as of Sept. 30.
In the first quarter ended Oct. 25, the company had a net loss of $5.1 million, up from a loss of $3.9 million in the year-ago quarter, as sales increased 14.5 percent to $42.6 million.